News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.03% Germany 30: 0.02% Wall Street: -0.02% US 500: -0.03% France 40: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bVWZM0rAFe
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/U6wIThJkpw
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.11% Gold: -0.43% Silver: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/AOIbh73rp3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.68%, while traders in France 40 are at opposite extremes with 78.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yK7jFjbjiP
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/zw2CgDfc4p
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.56% US 500: 0.46% FTSE 100: 0.06% Germany 30: 0.03% France 40: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GZ4XjZmV4f
  • $Ether is having a morning, up ~11% from the earlier lows big zone of resistance lurking overhead $ETH decent definition along this fibo retracement https://t.co/Pt7MejiGdH https://t.co/6fPzl667se
  • Crude oil attempting to muscle its way higher and invalidate the short-term bearish trend #OOTT $USO $CL_F https://t.co/TBjLR5SjET
  • As the BoE are expected to maintain current policy settings with the bank rate at 0.1% and APF at £895bln. The focus will be on the accompanying statement and projections. Get your market update from @JMcQueenFX here:https://t.co/AOvhRkoOFO https://t.co/prSL9VPFqV
  • $EURUSD too clean for comfort, esp with #NFP on the horizon https://t.co/W6MjdfHWUW
S&P 500, Crude Oil, Gold Price Technical Outlook & More

S&P 500, Crude Oil, Gold Price Technical Outlook & More

Paul Robinson, Strategist

Stocks are in bounce mode but don’t have the kind of momentum coming out of a low that suggests it is more than just a bounce; watch how the S&P treats the high end of the range it is building. Crude oil is a tough handle, but the outlook still smacks of lower prices; Brent contract in focus. Gold is holding well following a strong rejection from resistance, some more patience may be required before getting a good look.

Technical Highlights:

  • S&P 500 working towards resistance, at risk of downturn
  • Crude oil tough, but has generally weak posturing
  • Gold price holding up well, more time needed

Make more informed decisions by checking out our trading forecasts and educational resources on the DailyFX Trading Guides page.

S&P 500 working towards resistance, at risk of downturn

The S&P 500 has been bouncing around lately following the swoon from record levels. Generally, it smacks of bearish behavior, but we need to wait for a bit more confirmation before running with a full-on short bias. The top of the developing range could offer traders a fade-trade, eyeing the 2943 cash level. A swift turn down from there will help cement the notion that another sizable leg lower may soon be in the works.

S&P 500 Daily Chart (watch range resistance)

S&P 500, Crude Oil, Gold Price Technical Outlook & More

S&P 500 Chart by Tradingview

Crude oil tough, but has generally weak posturing

The Brent contract is weaker than its U.S. counterpart, WTI, and on that it is of more interest given the weakfish tilt to the charts. Resistance is at hand, and a turn lower will help further along the notion that another swing lower, towards the 2016 trend-lines, is in the works. If a turn lower develops, watch the short-term trend-line (with multiple touches), a break will undermine oil further and could put the shorts in the driver’s seat.

Brent Crude Oil Daily Chart (trend, resistance against it)

S&P 500, Crude Oil, Gold Price Technical Outlook & More

Brent Crude Oil Hourly Chart (watch t-line on turn down)

S&P 500, Crude Oil, Gold Price Technical Outlook & More

Brent Crude Oil Chart by Tradingview

Gold price holding up well, more time needed

Since last week’s violent trading session at major long-term resistance gold has held up well, digesting gains in a bullish fashion. It could use a bit more time, but in general gold is poised to rally further. It just may take some time to get through the long-term resistance zone extending up to 1575.

Gold Price Chart (consolidating well)

S&P 500, Crude Oil, Gold Price Technical Outlook & More

Gold Price Chart by Tradingview

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES